Planck E PressCenter - Reports
Energy Week in Review #68/2024
Date published: 2024-02-29
Date modified: 2024-02-29
Reading time: 00:02:09
Crude Oil
Between February 21 and February 27, 2024, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 78.53, gaining 1.5% in a week, and US$ 1.09 less than a year ago. The spread with Brent Crude Oil Spot Price on February 27, was US$5.48.
U.S. oil production averaged 13.300 million barrels per day, 0.00% more than 1 week ago, but 1.100 MMB/D more than 1 year ago.
Crude Oil and Petroleum Products imports to the U.S. equated to 7.751 MMB/D, down 0.245 MMB/D from one week ago and a decrease of 0.626 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 10.740 MMB/D, 0.127 MMB/D up from one week ago and exceeding 1.368 MMB/D relative to one year ago.
U.S. crude oil refinery net inputs reached 14.674 MMB/D, up 0.132 MMB/D from one week ago and down 0.293 MMB/D compared to the same period last year.
Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 30.5, 1.0 days more than one week ago, and down 1.4 days compared to one year ago.
In relation to petroleum derivatives, we had the following price changes during the week:
| Product (NY Harbor) |
Price per gallon |
% Change |
US$ Change 1 Year |
| Conventional Gasoline | US$ 2.341 | -2.09% | US$ -0.310 |
| Heating Oil | US$ 2.700 | -5.59% | US$ -0.040 |
| Diesel Fuel (Ultra-low-sulfur) | US$ 2.662 | -8.36% | US$ -0.258 |
| Kerosene | US$ 2.642 | -7.62% | US$ -0.345 |
Natural Gas
The Henry Hub spot price fell by US$ 0.090 from February 13, to close at US$ 1.520 MMBtu on February 27. Compared to one year ago, the NG price decreased by US 1.140 MMBtu.
The total supply of U.S. natural gas was 116.3 billion cubic feet in the week ending on 02/27, which is 1.9 bcf/d less than a week ago and 2 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 84.3 bcf/d, down 4.8 bcf/d from a week ago and up 2.4bcf/d during a year.
Electricity
The most recent U.S. price indicators for electricity (12/2023) indicate an average residential retail price of US$ 15.73/kWh (-1.13% in one year), an average industrial price of US$ 7.66/kWh (-1.67% in one year) and an average transportation price of 12.33/kWh (1.23% in one year).
Electricity Generation (Megawatthours - daily average):
| Source | 02/27/2024 | % Change 1 Week | % Change 1 Year |
|---|---|---|---|
| Wind | 67,775 | 32.96% | 26.68% |
| Solar | 15,624 | -21.05% | 2.83% |
| Hydro | 29,453 | -11.36% | 3.73% |
| Other | 5,496 | -1.32% | -24.94% |
| Petroleum | 498 | 32.39% | -58.99% |
| Natural Gas | 168,309 | -8.63% | -1.32% |
| Coal | 56,938 | -20.81% | -16.23% |
| Nuclear | 91,124 | -2.45% | 5.10% |
| Total | 435,218 | -5.28% | 1.01% |
EIA Price Forecast
|
Energy Type |
Forecast 12/2025 |
|
WTI (dollars per barrel) |
73.50 |
|
Brent (dollars per barrel) |
78.00 |
|
Natural Gas (dollars per thousand cubic feet) |
3.54 |
|
Electricity - Residential Retail (cents per kilowatt-hour) |
15.55 |
Fuel prices in the European Union – February 27, 2024
This weekly Energy Report was crafted by Planck E with sources from: https://www.eia.gov/ and https://energy.ec.europa.eu/
For emission reduction purposes, we recommend the book The Science behind Carbon Credits and their Calculation.
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Keywords
- energy week review
- petroleum week review
- natural gas market review
- electricity week review
- gasoline week review
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